Tax News Related Blog Posts

Billions in Unpaid Taxes Due to Unreported 1099-K Income

tigta-addresses-unreported-1099-k-incomeIRS Plans to Contact Businesses and Individuals Who Are Not Reporting 1099-K Income

Recently, the Treasury Inspector General for Tax Administration (TIGTA) advised the Internal Revenue Service (IRS) that it was losing billions of dollars in tax revenue due to unreported and underreported 1099-K income. A report released on December 30, 2020, explained the methods […]

January 7th, 2021|Tax News|0 Comments

Tax Return and Payment Extensions for Victims of California Wildfires

Due to the devastating nature of the wildfires currently raging in California, the Internal Revenue Service (IRS) has extended most tax deadlines for people and businesses in affected areas to January 15, 2021. 

irs tax relief California wildfiresWho Qualifies for Tax Extensions in California?

To qualify for the […]

October 20th, 2020|Tax News|0 Comments

IRS Offer In Compromise Acceptance Rate Falls 7.4% In 2019 to 32.99%

irs offer in compromise acceptance rate 2019The IRS released data recently on the Offer in Compromise (OIC) acceptance rate for 2019. The OIC acceptance rate decreased by 7.4% when compared to 2018. The dollar amount for all accepted OICs increased by 10.76% or about $28.1 million. That represents an average of $16, 177.86 […]

Coronavirus: State Tax Relief Changes for Business and Individual Taxpayers

coronavirus state tax reliefEfforts to flatten the coronavirus curve have led to extremely high unemployment numbers and lowered business revenues across the country. As businesses and individuals are struggling to stay afloat, the Internal Revenue Service (IRS) and most state revenue departments have responded by creating a variety of tax relief and deferral options. Are you worried […]

Are Paycheck Protection Program Loans Taxable If Forgiven?

ppp forgiven loan not taxable

Paycheck Protection Program (PPP) loans provided a much-needed boost of working capital to businesses that were struggling amid the coronavirus. While the PPP loan helps cover payroll and utilities, these loans are forgivable, but from a federal tax perspective, they don’t work like other forgivable loans. Is your PPP loan taxable? Here is […]

June 2nd, 2020|Tax News|0 Comments

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